NEX Group has now responded to our request for clarification of the profits before tax (statutory) item in the summary of its just-published accounts, posted here earlier today.

The explanation is broadly as follows.

"The statutory PBT from continuing operations are up from £27 million to £120 million. The £93 million improvement is driven by a £4 million increase in trading PBT, as acquisition & disposal costs went down from a £74 million charge to a £1 million gain and, as we reported a £5 million gain in exceptional items compared to £9 million charge last year.

"In the prior year, we impaired our investment in shipping associate and had a higher amortisation charge on acquired intangibles. In addition, in the current year also includes fair value gain as Enso and Abide were revalued when we increased stake in those investments.

"The impact of the transaction is not in the £120 million statutory PBT from continuing operations. That becomes relevant when you look at total statutory profit going up from £68 million in 2015/16 to £1,311 million this year. The increase is primarily driven by the £1,162 million gain on the disposal of IGBB."

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NEX Group has now responded to our request for clarification of the profits before tax (statutory) item in the summary of its just-published accounts, posted here earlier today.

The explanation is broadly as follows.

"The statutory PBT from continuing operations are up from £27 million to £120 million. The £93 million improvement is driven by a £4 million increase in trading PBT, as acquisition & disposal costs went down from a £74 million charge to a £1 million gain and, as we reported a £5 million gain in exceptional items compared to £9 million charge last year.

"In the prior year, we impaired our investment in shipping associate and had a higher amortisation charge on acquired intangibles. In addition, in the current year also includes fair value gain as Enso and Abide were revalued when we increased stake in those investments.

"The impact of the transaction is not in the £120 million statutory PBT from continuing operations. That becomes relevant when you look at total statutory profit going up from £68 million in 2015/16 to £1,311 million this year. The increase is primarily driven by the £1,162 million gain on the disposal of IGBB."